RTTNews - Monday, a report from the Organization for Economic Cooperation and Development said gross domestic product in the OECD area dropped 2.1% sequentially in the first quarter, which was the largest decline since records began in 1960. In the fourth quarter of 2008, the economy had contracted 2%.

The Paris-based agency said the U.S. GDP fell 1.6% in the first quarter of 2009, the same rate as in the previous quarter. Meanwhile, the Japanese economy shrank 4%, following a 3.8% decrease in the prior quarter. GDP in the euro area was down 2.5% versus a 1.6% fall in the fourth quarter of last year.

Year-on-year, the OECD area shrank 4.2% in the first quarter compared to a 1.7% drop in the fourth quarter of 2008.

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